The government of Pakistan often changes the prices of petrol and diesel based on what they cost worldwide and how the Pakistani rupee compares to other currencies. They recently said that in May 2024, they’ll be lowering the prices of petrol and high-speed diesel (HSD).
This change is because the price of oil internationally has gone down. Petrol now costs $1.86 less per barrel, at $107.16, and HSD is $4.3 cheaper, at $104.76. Because oil prices are lower globally, people expect fuel prices in Pakistan to drop too.
The exchange rate between the Pakistani rupee and the US dollar also affects fuel prices. Right now, the exchange rate is about PKR 278.38 per USD. Even though it’s been stable lately, any changes could affect how much petrol and diesel cost.
The government plans to lower petrol prices by about Rs3.75 per liter and HSD by about Rs7.85 per liter. They hope this will match the lower global oil prices and make fuel more affordable for people in Pakistan.
Currently, petrol costs Rs293.94 per liter and HSD costs Rs290.38 per liter in Pakistan. With these changes, petrol could cost around Rs286.09 per liter, and HSD could drop to around Rs286.63 per liter in May 2024.
These estimates could change depending on what happens with global oil prices and exchange rates. The government will confirm the final prices on April 30, and they’ll stay in place for the first half of May. This will give people and businesses a clear idea of what to expect.
